News 08:00

BULLETIN 18 August 8 am

Good morning. I am……..

In this bulletin:

# Industrialisation is now at the centre of the Southern African Development Community
# The ad hoc committee may request information from the Madlanga Commission
# And, the Special Tribunal authorises the sale of Hangwani Maumela’s Ferrari for 9.5-million-rand

# President Cyril Ramaphosa says discussions at the 46th Ordinary Summit of SADC Heads of State and Government have reflected a shared determination to strengthen regional integration, deepen solidarity and act collectively in confronting challenges. He delivered the closing remarks in Durban yesterday evening. The summit advanced discussions on trade, infrastructure, energy, industrialisation and regional value chains. Ramaphosa says they welcome the adoption of the theme of the summit, which rightly places the acceleration of industrialisation at the centre of the regional agenda:

# Parliament’s Ad Hoc Committee investigating allegations of corruption in the criminal justice system has resolved to deliberate only on testimony before it to formulate its report, and has not requested any documents from the Madlanga Commission. The commission has previously used testimonies from the committee to draw contradictions from the witness’s evidence. Committee chairperson Soviet Lekganyane says they are working strictly on what they have gathered, but if necessary, they could still request information from the Madlanga Commission. The committee has until September 11 to conclude its work.

# The Special Tribunal has authorised the sale of a Ferrari SF90 Stradale belonging to the MHR Maumela Family Trust, linked to businessman Hangwani Morgan Maumela. This is in connection with the Special Investigating Unit’s probe into alleged corruption and maladministration at Tembisa Hospital, where about two-billion-rand was looted through irregular procurement processes. Maumela is accused of extracting over 820-million-rand from the hospital through a network of companies. The tribunal has authorised the curator to sell the Ferrari for no less than 9.5-million-rand.

# US president Donald Trump has dismissed criticism that he is prioritising the interests of adversaries like North Korea over long-term allies, arguing his approach to North Korean leader Kim Jong Un is making the world safer. This comes after he announced plans to reduce military exercises with key regional ally South Korea, citing his positive relationship with Kim and South Korea’s lack of assistance with Iran. Trump told reporters at the White House that protecting South Korea is costing the US billions of dollars:

# Golf: LIV Golf has confirmed that its season-ending Team Championship event in Michigan has been cancelled. This week’s event in Indianapolis will be the last of the season. The breakaway league has faced an uncertain future since the Saudi Arabia Investment Fund withdrew its financial backing in April. LIV Golf CEO Scott O’Neil recently confirmed an agreement with a new unnamed ‘lead investor’ to provide funding for the 2027 season. O’Neil says that by ending the season early, they can now focus on maintaining the operational rigour this transition demands.

# And the financial indicators: The dollar trades at 16-rand-24-cents and the euro at 18-rand-79-cents. One British pound costs 21-rand-98-cents, and Bitcoin trades at 64-thousand-71-dollars. Gold sells at four-thousand-396-dollars-75-cents a fine ounce, and Brent crude oil is quoted at 93-dollars-15-cents a barrel.

Stay tuned for more news………….